MIRA INFORM REPORT

Report No. :	313523
Report Date :	27.03.2015

IDENTIFICATION DETAILS

Name :	MANPOWER GROUP SERVICES INDIA PRIVATE LIMITED
Registered Office :	M-6, Uppal Tower 5-A, 5^th Floor, Jasola District Center, Delhi – 110025
Country :	India
Financials (as on) :	31.03.2014
Date of Incorporation :	05.03.1997
Com. Reg. No.:	55-085591
Capital Investment / Paid-up Capital :	Rs. 1722.030 Million
CIN No.: [Company Identification No.]	U74910DL1997PTC085591
IEC No.:	Not Available
TAN No.: [Tax Deduction & Collection Account No.]	Not Available
PAN No.: [Permanent Account No.]	Not Available
Legal Form :	Private Limited Liability Company
Line of Business :	Providing Staffing Services and Placement Services.
No. of Employees :	Not Available

RATING & COMMENTS

MIRA’s Rating :

B (28)

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Maximum Credit Limit :	USD 1000000
Status :	Moderate
Payment Behaviour :	Slow but correct
Litigation :	Clear
Comments :	Subject is an established company having moderate track record. The rating is constrained account of some accumulated losses incurred by the company. However, trade relations are fair. Business is active. Payments terms are reported to be slow but correct. The company can be considered for business dealings with some caution.

NOTES :

Any query related to this report can be made on e-mail : infodept@mirainform.com while quoting report number, name and date.

ECGC Country Risk Classification List – December 31, 2014

Country Name	Previous Rating (30.09.2014)	Current Rating (31.12.2014)
India	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

RBI DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available RBI Defaulters’ list.

EPF (Employee Provident Fund) DEFAULTERS’ LIST STATUS

Subject’s name is not enlisted as a defaulter in the publicly available EPF (Employee Provident Fund) Defaulters’ list as of 31-03-2014.

LOCATIONS

Registered Office :	M-6, Uppal Tower 5-A, 5^th Floor, Jasola District Center, Delhi – 110025, India
Tel. No.:	Not Available
Fax No.:	Not Available
E-Mail :	india.finance@manpowergroup.com

DIRECTORS

AS ON 30.09.2014

Name :

Gajanana Rao Ainapurapu

Designation :

Director

Address :

Flat No.1404/1405, Melody Building Kesar Harmony Chs. Plot 11/12, Sector 6, Kharghar, Navi Mumbai – 400706, Maharashtra, India

Date of Birth/Age :

09.03.1968

Date of Appointment :

14.12.2012

PAN No.:

01878918

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U72200DL2004PLC228400	VIOM NETWORKS LIMITED	Director	11/09/2008	02/11/2007	06/10/2009	Active	NO
2	U74140DL2005PTC183947	EXPERIS SOLUTIONS PRIVATE LIMITED	Director	30/09/2013	14/12/2012	-	Active	NO
3	U74910DL1997PTC085591	ManpowerGroup Services India Private Limited	Managing director	14/12/2012	14/12/2012	-	Active	NO
4	U72900WB1997PTC085392	Experis IT Private Limited	Director	18/06/2013	19/12/2012	-	Active	NO
5	U31109TZ2009PTC015077	AMMINI ELECTRONICS PRIVATE LIMITED	Director	04/11/2013	04/11/2013	-	Active	NO
6	U80904HR2007FTC036612	Right Management India Private Limited	Director	30/09/2014	03/12/2013	-	Active	NO
7	U31200KL2013PTC034426	ATTUNED ENERGIES PRIVATE LIMITED	Director	02/06/2014	02/06/2014	-	Active	NO
8	U64204MH2011PTC218599	VALU CONNEX TELECOM SERVICES PRIVATE LIMITED	Additional director	05/12/2014	05/12/2014	-	Active	NO

Name :

Green E. Darryal

Designation :

Director

Address :

38-13, Koyama, Shingava, Tokyo, Japan - 1420062

Date of Birth/Age :

19.07.1960

Date of Appointment :

23.07.2008

DIN No.:

01845514

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74910DL1997PTC085591	ManpowerGroup Services India Private Limited	Director	23/07/2008	03/11/2007	11/11/2014	Active	NO
2	U74140DL2005PTC183947	EXPERIS SOLUTIONS PRIVATE LIMITED	Director	23/07/2008	03/11/2007	11/11/2014	Active	NO
3	U72900WB1997PTC085392	Experis IT Private Limited	Director	01/04/2011	01/04/2011	11/11/2014	Active	NO

Name :

Chadrashekar Sriram

Designation :

Director

Address :

B-1, Sai Krupa Apartment No.5, Sundaram Salai R.A. Puram, Chennai – 600028, Tamilnadu, India

Date of Birth/Age :

05.06.1966

Date of Appointment :

08.09.2009

DIN No.:

00489111

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U40105TN2006PLC059134	SIVA RENEWABLE POWER AND ENERGY LIMITED	Director	11/04/2006	11/04/2006	04/04/2008	Active	NO
2	U45201TN1997PLC038612	SIVA PROJECTS ENGINEERING AND ENTERPRISES LIMITED	Director	11/09/2006	11/09/2006	19/05/2008	Amalgamated	NO
3	U45200MH2006PLC160730	AAMBY VALLEY LIMITED	Director	20/09/2007	09/03/2007	15/05/2008	Active	NO
4	U74300MH1999PLC122620	BROADCAST WORLDWIDE LIMITED	Director	18/08/2007	30/06/2007	22/05/2008	Active	NO
5	U40100TN2007PTC064332	WINWIND POWER ENERGY PRIVATE LIMITED	Director	27/07/2007	27/07/2007	04/04/2008	Active	NO
6	U64200TN2007PTC064561	ETH Airtv Private Limited	Director	20/05/2008	30/08/2007	09/02/2009	Converted to LLP and dissolved	NO
7	U74910DL1997PTC085591	ManpowerGroup Services India Private Limited	Director	08/09/2009	29/09/2008	-	Active	NO
8	U72900WB1997PTC085392	Experis IT Private Limited	Director	01/04/2011	01/04/2011	-	Active	NO

Name :

Srikant Rengarajan

Designation :

Whole Time Director

Address :

A-403, Raheja Regency 90 Santhome High Road R A Puram, Chennai – 60002, Tamilnadu, India

Date of Birth/Age :

02.06.1968

Date of Appointment :

28.11.2011

DIN No.:

05135980

Other Directorship :

S.No.	CIN/LLPIN	Name of the Company/ LLP	Current designation of the Director/ Designated Partner	Date of appointment at current designation	Original date of appointment	Date of cessation	Company/ LLP Status	Defaulting status
1	U74140DL2005PTC183947	EXPERIS SOLUTIONS PRIVATE LIMITED	Director	28/09/2012	28/11/2011	-	Active	NO
2	U74910DL1997PTC085591	ManpowerGroup Services India Private Limited	Whole-time director	01/08/2012	28/11/2011	-	Active	NO

KEY EXECUTIVES

Name :	Neeraj Sharma
Designation :	Secretary
Address :	3/70 Sector 2, Rajendra Nagar, Shahibabad, Ghaziabad – 201005, Uttar Pradesh, India
Date of Birth/Age :	20.07.1990
Date of Appointment :	29.09.2014

MAJOR SHAREHOLDERS / SHAREHOLDING PATTERN

AS ON 30.09.2014

Names of Shareholders	No. of Shares
Manpower Holdings Inc.	11219098
Manpower Nominees Inc.	10
Total	11219108

AS ON 30.09.2014

Equity Share Break up (Percentage of Total Equity)

Category	Percentage of Holding
Foreign holdings( Foreign institutional investor(s), Foreign companie(s) Foreign financial institution(s), Non-resident Indian(s) or Overseas Corporate bodies or Others	100.00
Total	100.00

BUSINESS DETAILS

Line of Business :	Providing Staffing Services and Placement Services.
Products :	Not Available
Brand Names :	Not Available
Agencies Held :	Not Available
Exports :	Not Available
Imports :	Not Available
Terms :
Selling :	Not Available
Purchasing :	Not Available

GENERAL INFORMATION

Suppliers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

Customers :

Reference :	Not Available
Name of the Person :	Not Available
Contact No.:	Not Available
Since How Long Known :	Not Available
Experience :	Not Available
Maximum Limit Dealt :	Not Available

No. of Employees :

Not Available

Bankers :

• Citibank N.A.
• ICICI Bank Limited
• HDFC Bank Limited
• Axis Bank Limited
• Standard Chartered
• State Bank of India

Facilities :

--

Auditors :
Name :	Deloitte Haskins and Sells Chartered Accountants
Memberships :	Not Available
Collaborators :	Not Available
Ultimate Holding Company:	Manpower Inc USA
Holding Company:	Manpower Holdings Inc. USA
Fellow Subsidiary :	Manpower Inc.(Singapore) Manpowergroup Services (Australia) Pty Limited Manpower and Standards Human Resources (Shanghai) Company Limited Manpower Services U.K Company Limited Manpower Staffing Services (Singapore) Pte Limited Experis It Private Limited Manpower Services (Us) Company Limited Manpower Korea Inc. Experis Solutions Private Limited Manpower Services (Taiwan) Company Limited Right Management India Private Limited Manpower Services (Php) Company Limited Manpower Group GMBH

CAPITAL STRUCTURE

AS ON 30.09.2014

Authorised Capital :

No. of Shares	Type	Value	Amount
11316105	Equity Shares	Rs. 10/- each	Rs. 113.161 Million
16983895	Preference Shares	Rs. 10/- each	Rs. 1609.839 Million
	Total		Rs. 1723.000 Million

Issued, Subscribed & Paid-up Capital :

No. of Shares	Type	Value	Amount
11219108	Equity Shares	Rs. 10/- each	Rs. 112.191 Million
160983895	Preference Shares	Rs. 10/- each	Rs. 1609.839 Million
	Total		Rs. 1722.030 Million

FINANCIAL DATA

[all figures are in Rupees Million]

ABRIDGED BALANCE SHEET

SOURCES OF FUNDS	31.03.2014	31.03.2013	31.03.2012
I. EQUITY AND LIABILITIES
(1)Shareholders' Funds
(a) Share Capital	1722.030	1722.030	1610.312
(b) Reserves & Surplus	(1231.373)	(1265.044)	(735.194)
(c) Money received against share warrants	0.000	0.000	0.000
(2) Share Application money pending allotment	0.000	0.000	0.000
Total Shareholders’ Funds (1) + (2)	490.657	456.986	875.118
(3) Non-Current Liabilities
(a) long-term borrowings	0.000	0.000	75.000
(b) Deferred tax liabilities (Net)	0.000	0.000	0.000
(c) Other long term liabilities	0.000	0.000	7.184
(d) long-term provisions	12.977	7.438	0.000
Total Non-current Liabilities (3)	12.977	7.438	82.184
(4) Current Liabilities
(a) Short term borrowings	541.570	101.968	71.552
(b) Trade payables	318.222	256.440	211.574
(c) Other current liabilities	110.287	147.570	75.994
(d) Short-term provisions	4.812	4.375	8.488
Total Current Liabilities (4)	974.891	510.353	367.608
TOTAL	1478.525	974.777	1324.910
II. ASSETS
(1) Non-current assets
(a) Fixed Assets
(i) Tangible assets	16.477	13.079	13.140
(ii) Intangible Assets	0.000	0.000	0.000
(iii) Capital work-in-progress	0.000	0.000	0.000
(iv) Intangible assets under development	0.000	0.000	0.000
(b) Non-current Investments	0.000	0.000	601.500
(c) Deferred tax assets (net)	0.000	0.000	89.226
(d) Long-term Loan and Advances	469.986	218.481	0.000
(e) Other Non-current assets	0.000	0.000	0.000
Total Non-Current Assets	486.463	231.560	703.866
(2) Current assets
(a) Current investments	0.000	0.000	0.000
(b) Inventories	0.000	0.000	0.000
(c) Trade receivables	843.212	661.033	509.774
(d) Cash and cash equivalents	103.849	45.333	23.039
(e) Short-term loans and advances	28.679	31.947	88.231
(f) Other current assets	16.322	4.904	0.000
Total Current Assets	992.062	743.217	621.044
TOTAL	1478.525	974.777	1324.910

PROFIT & LOSS ACCOUNT

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
SALES
	Income	6322.838	5506.361	4314.291
	Other Income	2.425	6.588	3.094
	TOTAL (A)	6325.263	5512.949	4317.385
EXPENSES
	Employees benefits expense	6109.850	5292.180	4152.744
	Operating Expenses	132.345	139.175	156.374
	TOTAL (B)	6242.195	5431.355	4309.118
PROFIT/ (LOSS) BEFORE INTEREST, TAX, DEPRECIATION AND AMORTISATION (A-B) (C)		83.068	81.594	8.267
INTERSET AND FINANCE CHARGES (D)		38.517	2.488	5.190
PROFIT / (LOSS) BEFORE TAX, DEPRECIATION AND AMORTISATION (C-D) (E)		44.551	79.106	3.077
DEPRECIATION/ AMORTISATION (F)		10.826	7.456	4.827
EXCEPTIONAL ITEMS		0.000	(601.500)	46.483
PROFIT/ (LOSS) BEFORE TAX		33.671	(529.850)	44.733
TAX		0.000	0.000	0.000
PROFIT/ (LOSS) AFTER TAX		33.671	(529.850)	44.733
Earnings / (Loss) Per Share (Rs.)		0.20	(3.08)	0.26

KEY RATIOS

PARTICULARS		31.03.2014	31.03.2013	31.03.2012
Net Profit Margin PAT / Sales	(%)	0.53	(9.62)	1.04
Operating Profit Margin (PBDIT/Sales)	(%)	1.31	1.48	0.19
Return on Total Assets (PBT/Total Assets}	(%)	2.28	(54.36)	7.05
Return on Investment (ROI) (PBT/Networth)		0.07	(1.16)	0.05
Debt Equity Ratio (Total Debts/Networth)		1.10	0.22	0.17
Current Ratio (Current Asset/Current Liability)		1.02	1.46	1.69

FINANCIAL ANALYSIS

[all figures are in Rupees Million]

DEBT EQUITY RATIO

Particular	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Share Capital	1610.312	1722.030	1722.030
Reserves & Surplus	(735.194)	(1265.044)	(1231.373)
Net worth	875.118	456.986	490.657
long-term borrowings	75.000	0.000	0.000
Short term borrowings	71.552	101.968	541.570
Total borrowings	146.552	101.968	541.570
Debt/Equity ratio	0.167	0.223	1.104

YEAR-ON-YEAR GROWTH

Year on Year Growth	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4314.291	5506.361	6322.838
		27.631	14.828

NET PROFIT MARGIN

Net Profit Margin	31.03.2012	31.03.2013	31.03.2014
	(Rs. In Millions)	(Rs. In Millions)	(Rs. In Millions)
Sales	4314.291	5506.361	6322.838
Profit	44.733	(529.850)	33.725
	1.04%	(9.62%)	0.53%

LOCAL AGENCY FURTHER INFORMATION

Sr. No.	Check List by Info Agents	Available in Report (Yes / No)
1]	Year of Establishment	Yes
2]	Locality of the firm	Yes
3]	Constitutions of the firm	Yes
4]	Premises details	No
5]	Type of Business	Yes
6]	Line of Business	Yes
7]	Promoter's background	Yes
8]	No. of employees	No
9]	Name of person contacted	No
10]	Designation of contact person	No
11]	Turnover of firm for last three years	Yes
12]	Profitability for last three years	Yes
13]	Reasons for variation <> 20%	-----------
14]	Estimation for coming financial year	No
15]	Capital in the business	Yes
16]	Details of sister concerns	Yes
17]	Major suppliers	No
18]	Major customers	No
19]	Payments terms	No
20]	Export / Import details (if applicable)	No
21]	Market information	-----------
22]	Litigations that the firm / promoter involved in	-----------
23]	Banking Details	Yes
24]	Banking facility details	Yes
25]	Conduct of the banking account	----------
26]	Buyer visit details	----------
27]	Financials, if provided	Yes
28]	Incorporation details, if applicable	Yes
29]	Last accounts filed at ROC	Yes
30]	Major Shareholders, if available	Yes
31]	Date of Birth of Proprietor/Partner/Director, if available	Yes
32]	PAN of Proprietor/Partner/Director, if available	No
33]	Voter ID No of Proprietor/Partner/Director, if available	No
34]	External Agency Rating, if available	No

INDEX OF CHARGES

NO CHARGES EXIST FOR THE COMPANY.

UNSECURED LOANS

PARTICULAR	31.03.2014 (Rs. in Million)	31.03.2013 (Rs. in Million)
SHORT TERM BORROWINGS
Loans repayable on demand	471.570	101.968
Loans and advances from related parties	70.000	0.000
Total	541.570	101.968

FIXED ASSETS

• Furniture and Fixture
• Office Equipments
• Leasehold Improvement
• Office Equipments

CMT REPORT (Corruption, Money Laundering & Terrorism]

The Public Notice information has been collected from various sources including but not limited to: The Courts, India Prisons Service, Interpol, etc.

1] INFORMATION ON DESIGNATED PARTY

No exist designating subject or any of its beneficial owners, controlling shareholders or senior officers as terrorist or terrorist organization or whom notice had been received that all financial transactions involving their assets have been blocked or convicted, found guilty or against whom a judgement or order had been entered in a proceedings for violating money-laundering, anti-corruption or bribery or international economic or anti-terrorism sanction laws or whose assets were seized, blocked, frozen or ordered forfeited for violation of money laundering or international anti-terrorism laws.

2] Court Declaration :

No exist to suggest that subject is or was the subject of any formal or informal allegations, prosecutions or other official proceeding for making any prohibited payments or other improper payments to government officials for engaging in prohibited transactions or with designated parties.

3] Asset Declaration :

No records exist to suggest that the property or assets of the subject are derived from criminal conduct or a prohibited transaction.

4] Record on Financial Crime :

Charges or conviction registered against subject: None

5] Records on Violation of Anti-Corruption Laws :

Charges or investigation registered against subject: None

6] Records on Int’l Anti-Money Laundering Laws/Standards :

Charges or investigation registered against subject: None

7] Criminal Records

No available information exist that suggest that subject or any of its principals have been formally charged or convicted by a competent governmental authority for any financial crime or under any formal investigation by a competent government authority for any violation of anti-corruption laws or international anti-money laundering laws or standard.

8] Affiliation with Government :

No record exists to suggest that any director or indirect owners, controlling shareholders, director, officer or employee of the company is a government official or a family member or close business associate of a Government official.

9] Compensation Package :

Our market survey revealed that the amount of compensation sought by the subject is fair and reasonable and comparable to compensation paid to others for similar services.

10] Press Report :

No press reports / filings exists on the subject.

CORPORATE GOVERNANCE

MIRA INFORM as part of its Due Diligence do provide comments on Corporate Governance to identify management and governance. These factors often have been predictive and in some cases have created vulnerabilities to credit deterioration.

Our Governance Assessment focuses principally on the interactions between a company’s management, its Board of Directors, Shareholders and other financial stakeholders.

CONTRAVENTION

Subject is not known to have contravened any existing local laws, regulations or policies that prohibit, restrict or otherwise affect the terms and conditions that could be included in the agreement with the subject.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs. 62.60
UK Pound	1	Rs. 92.95
Euro	1	Rs. 68.15

INFORMATION DETAILS

Analysis Done by :	DIV
Report Prepared by :	JYO

SCORE & RATING EXPLANATIONS

SCORE FACTORS	RANGE	POINTS
HISTORY	1~10	4
PAID-UP CAPITAL	1~10	4
OPERATING SCALE	1~10	3
FINANCIAL CONDITION
--BUSINESS SCALE	1~10	3
--PROFITABILITY	1~10	3
--LIQUIDITY	1~10	3
--LEVERAGE	1~10	3
--RESERVES	1~10	2
--CREDIT LINES	1~10	3
--MARGINS	-5~5	--
DEMERIT POINTS
--BANK CHARGES	YES/NO	YES
--LITIGATION	YES/NO	NO
--OTHER ADVERSE INFORMATION	YES/NO	NO
MERIT POINTS
--SOLE DISTRIBUTORSHIP	YES/NO	NO
--EXPORT ACTIVITIES	YES/NO	NO
--AFFILIATION	YES/NO	YES
--LISTED	YES/NO	NO
--OTHER MERIT FACTORS	YES/NO	YES
DEFAULTER
--RBI	YES/NO	NO
--EPF	YES/NO	NO
TOTAL		28

This score serves as a reference to assess SC’s credit risk and to set the amount of credit to be extended. It is calculated from a composite of weighted scores obtained from each of the major sections of this report. The assessed factors and their relative weights (as indicated through %) are as follows:

Financial condition (40%) Ownership background (20%) Payment record (10%)

Credit history (10%) Market trend (10%) Operational size (10%)

RATING EXPLANATIONS

RATING		STATUS	PROPOSED CREDIT LINE
>86	Aaa	Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums	Unlimited
71-85	Aa	Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums	Large
56-70	A	Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums	Fairly Large
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small
11-25	Ca	Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity	Limited with full security
<10	C	Absolute credit risk exists. Caution needed to be exercised	Credit not recommended
--	NB	New Business	--

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.